Southern Nevada SouthernMarket Nevada Market Update Update Local Economic SouthernFundamentals Nevada Market Update Resident Population Growth 2017 to 2018 Rank State Annual Growth 1 Nevada +2.09% 2 Idaho +2.05% 3 Utah +1.87% 4 Arizona +1.74% #1 5 Florida +1.54% 6 Washington +1.48% 7 Colorado +1.42% 8 Texas +1.34% 9 South Carolina +1.25% 10 North Carolina +1.10% U.S. Average +0.62% Lower Source: U.S. Census Bureau Higher Southern Nevada Market Update Nevada Population and Growth 3.1 2.5% 3.0 3.0 2.1% Millions 2.0% 2.9 2.8 1.5% 2.7 1.0% 2.6 0.5% 2.5 2.4 0.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Census Bureau Southern Nevada Market Update Clark County Population 2.4 2.2 Millions 2.2 2.0 1.8 1.6 1.4 1.2 1.0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Census Bureau Southern Nevada Market Update Clark County Population Growth 6% 5% 4% 3% 2.2% 2% 1% 0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Source: U.S. Census Bureau Southern Nevada Market Update Population Growth Largest 30 Metropolitan Areas 3.0% 2.5% 2.2% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% Source: U.S. Census Bureau Southern Nevada Market Update +2.2% (net) +48,337 Residents Source: U.S. Census Bureau Southern Nevada Market Update +132 Per Day +5.5 Per Hour Source: U.S. Census Bureau Southern Nevada Market Update Driver’s License Surrenders To Nevada By State State Surrenders Share California 27,625 36.2% Florida 4,619 6.1% Texas 3,574 4.7% Arizona 3,409 4.5% Illinois 2,905 3.8% Washington 2,838 3.7% Hawaii 2,531 3.3% Colorado 2,380 3.1% Utah 2,198 2.9% New York 2,025 2.7% 20,000 or more 1,900 to 2,999 Under 700 Source: UNLV CBER 3,000 to 19,999 700 to 1,899 Note: Based on driver’s license surrenders from the DMV for 2018. Southern Nevada Market Update Fastest Job Growth in the Nation Rank State Annual Growth 1 Utah +3.0% 2 Nevada +3.0% 3 Washington +2.5% 4 Florida +2.5% #2 Nevada 5 Arizona +2.5% 6 Texas +2.3% 7 New Hampshire +2.2% 8 Idaho +2.2% 9 South Dakota +2.2% 10 Colorado +2.1% U.S. Average +1.4% Source: U.S. Bureau of Labor Statistics (August 2019 vs. August 2018) Southern Nevada Market Update Employment Growth Largest 30 Metropolitan Areas 5% 4% 3% 2.0% 2% 1% 0% -1% Source: U.S. Bureau of Labor Statistics (August 2019 vs. August 2018) Southern Nevada Market Update Employment Las Vegas Metropolitan Area 1,100 Present: 1,030,900 1,000 Thousands 900 800 700 600 500 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Employment Growth Las Vegas Metropolitan Area | Year-over-Year 10% 98 Consecutive Months of Positive Growth 5% 0% -5% -10% -15% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Employment Growth Las Vegas Metropolitan Area | Last 12 Months Leisure and Hospitality 7,400 Construction 4,200 Financial Activities 3,800 Education and Health Services 2,500 Government 2,200 Professional and Business Services 1,300 Other Services 1,100 Manufacturing 1,000 Net Job Growth: Information 100 + 20,300 Mining and Logging 0 Trade, Transportation and Utilities -3,300 Source: U.S. Bureau of Labor Statistics (August 2019 vs. August 2018) Southern Nevada Market Update Unemployment Rate Variance Las Vegas MSA United States 16% 14% 12% 10% 8% 6% 4.5% 4% 3.8% 2% 0% -2% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Source: U.S. Bureau of Labor Statistics Southern Nevada Market Update Fast Growing Personal Income Rank State Annual Growth 1 Washington 6.8% 2 Utah 6.3% 3 Nevada 5.7% #3 Nevada 4 Colorado 5.7% 5 Arizona 5.5% 6 Idaho 5.4% 7 Texas 5.3% 8 Florida 5.2% 9 Montana 5.0% 10 Oregon 4.9% Lowest Highest Source: U.S. Bureau of Economic Analysis (2018 vs. 2017) Southern Nevada Market Update Notable SouthernInvestments Nevada Market Update Southern Nevada Market Update $24 Billion Southern Nevada Market Update Project Cost Status Est. Completion Date Resorts World Las Vegas $4,200,000,000 Under Construction 2020 The Drew $3,100,000,000 Planned 2022 Jackie Robinson Arena and Hotel Project $2,600,000,000 Planned DND Allegiant Stadium (Raiders) $1,970,000,000 Under Construction 2020 Moulin Rouge Hotel & Casino $1,600,000,000 Planned DND Las Vegas Convention Center Expansion $1,400,000,000 Under Construction 2020 Union Village $1,200,000,000 Under Construction 2025 MSG Sphere at the Venetian $1,200,000,000 Under Construction 2021 Henderson West $950,000,000 Planned 2028 Majestic Las Vegas $850,000,000 Planned 2023 Google Data Center $600,000,000 Under Construction 2020 Wynn Convention Center $425,000,000 Under Construction 2020 UnCommons $400,000,000 Planned 2021 Caesars FORUM Conference Center $375,000,000 Under Construction 2020 Astral Hotel and Casino $350,000,000 Planned 2022 I-15 and Tropicana Interchange Reconstruction $200,000,000 Planned 2024 Virgin Hotels Las Vegas (rebrand of Hard Rock Hotel & Casino) $200,000,000 Planned 2020 SAHARA Las Vegas (Rebrand of SLS Las Vegas) $150,000,000 Under Construction 2023 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update Project Cost Status Est. Completion Date Las Vegas Monorail Extension to Mandalay Bay $140,000,000 Planned DND UNLV Medical School Building $125,000,000 Planned 2021 I-15/CC-215 Northern Beltway Interchange $110,500,000 Planned 2022 The STRAT Hotel & Casino Rebrand $108,000,000 Under Construction 2021 Elysian at the Hughes Center $100,000,000 Under Construction 2020 Kind Heaven $100,000,000 Under Construction 2020 Delta by Marriott $100,000,000 Under Construction 2022 Centennial Hills Hospital Expansion $95,000,000 Planned DND AC Hotel by Marriott $95,000,000 Planned 2020 Expo at World Market Center Las Vegas $90,000,000 Under Construction 2020 U.S. 95 Widening $78,000,000 Under Construction 2020 CSN Science Building $77,000,000 Planned 2021 Raiders Corporate Headquarters and Practice Facility $75,000,000 Under Construction 2020 New 215 Interchanges at Losee, Pecos, and Lamb $70,000,000 Under Construction 2020 Luxury Apartments at Twain/Dean Martin $65,000,000 Under Construction 2020 Nevada State College Education Building $61,900,000 Planned 2021 Blue Diamond Widening $59,000,000 Under Construction 2020 New Las Vegas Municipal Courthouse $56,000,000 Planned 2021 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update Project Cost Status Est. Completion Date Hampton Inn & Suites/Home2Suites $55,000,000 Under Construction 2020 Downtown Henderson $50,000,000 Under Construction 2021 Las Vegas Convention Center Loop $48,700,000 Under Construction 2020 Downtown Grand Hotel & Casino Third Tower $45,000,000 Under Construction 2020 Water Pipeline to Apex Industrial Park $42,000,000 Under Construction 2020 South Point Hotel Casino & Spa Renovation $40,000,000 Under Construction 2020 UNLV Howard R. Hughes College of Engineering Expansion $35,000,000 Planned DND New Smith Center Parking Garages $33,000,000 Under Construction 2020 Las Vegas Boulevard Repaving $33,000,000 Planned 2022 Monorail Station at MSG Sphere Las Vegas $32,000,000 Planned DND Fremont Street Experience Canopy and Mall Reconstruction $32,000,000 Under Construction 2019 UNLV Harry Reid Research and Technology Park Bldg. 3 $30,000,000 Under Construction 2019 Nevada State Industrial Park $28,000,000 Under Construction 2019 Sahara and Las Vegas Blvd Pedestrian Bridge $28,000,000 Planned 2024 Henderson Hockey Arena $25,000,000 Under Construction 2020 UNLV University Gateway Development Phase II $18,000,000 Under Construction 2019 CAI Investments near Speedway and I-15 $18,000,000 Planned DND Archie Grant Park Affordable Housing Renovations $12,300,000 Under Construction 2020 Note: Several projects have details that are not disclosed or to be determined. DND = “Did Not Disclose”. Totals may not sum due to rounding. Southern Nevada Market Update Project Cost Status Est. Completion Date McCarran Airport Infrastructure Improvements $8,000,000 Planned DND Treehouse Las Vegas $7,100,000 Under Construction 2020 Skyline Hotel & Casino Expansion $7,000,000 Under Construction 2020 El Cortez Hotel and Casino Renovations $6,000,000 Under Construction 2020 Neon Museum Expansion $3,000,000 Under Construction 2020 UNLV New Lee Business School Building DND Planned DND AREA15 DND Under Construction 2019 Henderson Executive Airport Expansion DND Under Construction 2020 Fairfield Inn by Marriott DND Under Construction 2020 Wynn West DND Planned DND Showcase Mall Expansion DND Planned 2020 SpringHill Suites Marriott DND Planned 2021 Aloft Hotel DND Planned DND The Element Hotel by Westin DND Planned DND Mardi Gras Hotel and Casino Redevelopment DND Planned 2023 Boyd Gaming Las Vegas Headquarters DND Planned DND Mixed-Use Project @ Flamingo/Valley View DND Under Construction 2021 Fremont Hotel and Casino Expansion DND Planned 2021 Note: Several projects have details that are not disclosed or to be determined.